IoT In Farming Market To Grow With an Impressive CAGR During the Forecast Period
Involvement of technology in
agriculture is driving the growth in Global IoT In Farming Market in the
forecast period, 2022-2026.
According
to TechSci Research report, “IoT In Farming Market - Global Industry Size,
Share, Trends, Opportunity and Forecast, 2016-2026 Segmented By Component
(Hardware {Automation and Control Systems, Sensing and Monitoring Devices, RFID
tags and readers, Drones, Navigation, Displays, Handheld Computers, LED Grow
Lights, Others}, Software {On-Premise, Cloud-Based}, Services {Managed,
Professional}), By Application (Precision Farming {Yield Monitoring, Field
Mapping, Crop Scouting, Weather Tracking & Forecasting, Variable Rate
Technology, Inventory Management, Financial Management, Others}, Smart
Greenhouse {Ambient Environmental Monitoring, Yield Monitoring, Water &
Nutrient Management}, Livestock Monitoring {Feeding Management, Breeding
Management, Others}, Smart Irrigation, Others), By Region”,
the global IoT in farming market would potentially project an impressive growth
in the forecast period, 2022-2026, with an impressive CAGR on the account of rapidly
increasing population of the whole world. Changes in the climatic conditions is
also driving the growth of the global IoT in farming market in the upcoming
five years. Rapidly evolving technologies and consistent research is also
aiding the growth of the global IoT in farming market in the next five years.
Moreover, productivity in the agricultural industry is rising due to IoT
technology. Irrigation, planting, harvesting are all sections that involves the
use of technologies in the procedures thus driving the growth of the global IoT
in farming market in the future five years. Furthermore, increased penetration
of smart technologies, internet enabled services, internet of things, and
artificial intelligence is further substantiating growth of the global IoT in
farming market in the forecast period, until 2026.
IoT in farming is the application of
technologically advanced internet of things in the agriculture sector. Internet
of thigs also have applications in various sectors of different industries like
healthcare industry, agriculture industries, defense, manufacturing of advanced
devices, consumer electronic industries etc. Applications of internet of things
in farming has introduced the use of technologies that modifies the
agricultural practices, seed quality, land qualities, understands the demand of
the crops for better yields, as well as idealizing the climatic and other
necessities such that large amount of the feeding crops can be produced. Smart
farming based on IoT includes multiple IoT sensors that can analyze and update
themselves according to working conditions to collect real-time data generated
in the product development phase.
Browse over XX market data Figures spread through 110 Pages and an in-depth TOC on " Global IoT in farming Market"
The global IoT in farming market is segmented by
component, application, competitional landscape, and regional distribution.
Based on component, the market is further fragmented into hardware, software,
and services. Hardware subsegment is again differentiated into automation and
control systems, sensing and monitoring devices, RFID tags and readers, drones,
navigation, displays, handheld computers, LED grow lights, and others. Automation
and control systems is anticipated to hold the largest revenue shares of the
market as well as assert its dominance over the market in the account of
rapidly increasing incorporation of technology in agriculture sector. Software
subsegment is anticipated to dominate the component segment on the account of
numerous tools to control hardware such as yield monitors, soil sensors, water
sensors, climate sensors etc. These devices along with the software is used
actively for precision farming, smart greenhouse, livestock monitoring, smart
irrigation, etc. Software is of two types on-premises, and cloud-based.
Deere & Company, Trimble, Inc., Raven
Industries, DeLaval, Inc., AKVA group, Topcon Positioning Systems, Inc., AgJunction
Inc., Allflex USA, Inc., GEA Group, CropMetrics LLC, Telit IoT Platforms, LLC, InnovaSea
Systems, Inc., Bayer AG, Farmers Edge, Inc., Teejet Technologies Illinois, LLC,
are some of the market players holding the major shares of the global IoT in
farming market. Market players are actively involved in the research and
technological development in the product developments. The advanced technology
has made it possible for the industry to provide excellent services through IoT
in farming. Further advancement would aid the market value and brand
establishment in the future five years. New market players may focus on the
research and development to provide options that satisfies the consumer demand
as well as benefits the market players in building their brand value. Other
competitive strategies include mergers & acquisitions and new product
developments.
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“North America dominated the global
market and is anticipated to hold the rank in upcoming five years on the
account of growing government initiatives and regulations to enhance the
agriculture industry in the countries like United States, and Canada. North
America Climate Smart Agriculture Alliance is government authorized initiatives
to increase awareness and educate while equipping the farmers and cultivators
to enhance and increase their crop productivity. Rapidly increasing concerns
water conversation, environment conversation, the market for internet of things
in farming is anticipated to grow in the future five years. Asia Pacific region
is expected to register fastest growing CAGR value in the next five years due
to rapid introduction of smart farming in the developing countries heavily
dependent on the agricultural sector for its growing economy. The ministry of
agriculture in Japan has been providing funds for developing precision
agriculture. Similar initiatives in other countries of the region are aiding
the growth of the global market,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based Global management consulting firm.
“Global IoT In Farming Market
- Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026 Segmented By Component
(Hardware {Automation and Control Systems, Sensing and Monitoring Devices, RFID
tags and readers, Drones, Navigation, Displays, Handheld Computers, LED Grow
Lights, Others}, Software {On-Premise, Cloud-Based}, Services {Managed,
Professional}), By Application (Precision Farming {Yield Monitoring, Field
Mapping, Crop Scouting, Weather Tracking & Forecasting, Variable Rate
Technology, Inventory Management, Financial Management, Others}, Smart
Greenhouse {Ambient Environmental Monitoring, Yield Monitoring, Water &
Nutrient Management}, Livestock Monitoring {Feeding Management, Breeding
Management, Others}, Smart Irrigation, Others), By Region”, has evaluated the future
growth potential of global IoT in farming and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges, and opportunities
in global IoT in farming market.
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